Infineon slashed to underweight by Morgan Stanley

LONDON (CBS.MW) -- German memory chip maker Infineon Technologies
IFX, +2.59%IFX, -0.65%
was downgraded to underweight from overweight by Morgan Stanley on Thursday on what it sees as a significant oversupply of DRAM in 2005. "We now assume Infineon's average blended DRAM (256Mb-eq) ASP declines by 40 percent year on year, with potential risk still to the downside. Under our revised DRAM ASPs, we now forecast Infineon to be loss making over the six quarters to June 2006," the broker said. Merrill Lynch downgraded Infineon on Wednesday.

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